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Key Items That Have Been Removed From Finance Bill, 2024

June 18, 2024
228 1 minute read
Key Items That Have Been Removed From Finance Bill, 2024

The Kenya Kwanza Parliamentary Group made adjustments to the Finance Bill for 2024/2025 at a media briefing on Tuesday morning, subsequent to their gathering at State House.

Following the group’s meeting, Kimani Kuria, Chair of the Finance Committee, said in response to public input, the government had trimmed down the proposed taxes.

Kuria made clear that the suggested Eco Levy would solely be applicable to imported finished goods, with exemptions for items manufactured within Kenya.

He specified that domestically made diapers and sanitary pads would be exempt from this levy.

Motor Vehicle Tax

In a bid to alleviate the effects of the escalating cost of living, the committee also confirmed the elimination of the proposed tax hike on mobile transactions from the bill.

Also Read: Report Reveals What CEOs Plan to Do Should Finance Bill 2024 Become Law

The government also agreed to abandon controversial tax proposals intending to raise VAT on bread by 16%.

Later today, Parliament will be presented with a report that excludes the disputed motor vehicle circulation tax.

Moreover, the government intends to decrease proposed taxes on cooking oil to ensure affordability for the Kenyan populace.

June 18, 2024
228 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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